Emerging trends in LNG Storage Tank Market by Type, Revenue, Industry Growth and Forecast 2025

The Global LNG storage tank market is estimated to be valued at USD 12.5 billion in 2020 and is projected to reach USD 17.5 billion by 2025, at a CAGR of 7.0%, during the same period. The demand for LNG storage tank is driven mainly by growing demand for LNG in power, energy, and steel end-use industries.

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On the basis of type, the self-supporting segment is expected to be the most significant contributor in the LNG storage tank market during the forecast period.

Based on type, the self-supporting segment is expected to account for the larger share of the market in 2020. The growth in this segment is attributed to growing trade of LNG, and growing demand for LNG in the energy and power end-use industries. Furthermore, the growing transportation of LNG on ships in expected to drive the demand during the forecast period.

By material, the steel segment is expected to be the most significant contributor in the LNG storage tank market during the forecast period.

Based on the material, the steel segment is expected to account for the largest share of the market in 2020. The growth in this segment is attributed to its excellent properties, such as durability, resistance to corrosion, excellent toughness, and low thermal conductivity at cryogenic temperatures. Furthermore, steel is used for applications requiring refrigeration or the creation of low-temperature conditions for the storage of liquefied natural gas. These factors are expected to drive the demand during the forecast period. 

APAC is expected to account for the largest market size during the forecast period

APAC is the largest and fastest-growing LNG storage tank market, owing to its increasing usage in various end-use industries, such as steel, power, and energy. Furthermore, increasing investments in the LNG bunkering facilities and increase in regasification of LNG will also drive the market in this region during the forecast period. Moreover, countries such as China and India, have been scaling up the size of their manufacturing sectors. These factors are expected to fuel the demand for LNG storage tanks in the region during the forecast period.
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Key Market Players

The major vendors in the LNG storage tank market, include Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart Industries (US), Isisan A.S (Turkey), Cryolor (France), Inox  (India), Carbon Energy Group (US), and TransTech Energy Llc. (US).

LNG Storage Tank Market, by Type

  • Self-Supportive
  • Non Self-Supportive

LNG Storage Tank Market, by Material:

  • Steel
  • 9% Nickel Steel
  • Aluminum Alloy
  • Others (7% nickel steel, concrete)

LNG Storage Tank Market, by Region:

  • Asia Pacific (APAC)
  • North America
  • Europe
  • Middle East & Africa
  • South America

Recent Developments:

  • In September 2019, Wartsila designed a new LNG storage and supply system for ships. This new LNG storage and supply system has In Line Tank Connection Space (ILTCS), which contains process equipment – two 640 m3 single polyurethane insulated storage tanks. This innovative LNG storage system provides fuel storage volume efficiency and simplifies the installation of the LNG system in ships.
  • In July 2019, IHI Corporation received an EPC (Engineering, Procurement, and Construction) contract from Afcons Infrastructure Ltd., India, to construct two above ground full containment LNG storage tanks in Gujarat. The capacity of these tanks will be 200,000 KL, the largest in India. The project is expected to be completed by 2022. This contract has strengthened the company’s presence in India.
  • In May 2018, McDermott International Inc. and Chicago Bridge and Iron Company (CB&I) (Texas) merged their businesses to form a fully integrated provider of technology, engineering, and construction solutions to the energy industry. This merger will help McDermott to increase its global reach in the energy industry and explore the untapped markets. The combined company will cater to the entire value chain with a strong presence in offshore and onshore energy markets.

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